Have you noticed the explosion of online learning opportunities over the past several years?
In education: For quite some time now, our children have been taking classes online, especially in high school with concurrent college credit classes or in college with virtual courses.
In business: Organizations and big companies use online courses to distribute required training to employees in a more efficient manner than classroom-style training. And this method of training has expanded into the business-to-consumer and business-to-business markets.
In everyday situations: For an individual wanting to learn a new hobby or a business owner needing to learn a new skill, there is an online course that can help you. Udemy.com, for example, has over 10,000 online courses to help someone learn how to paint with watercolors and 1,701 courses to teach you how to use Canva for graphic design.
But don’t let those numbers discourage you. There is room for you and your business in the online course space!
Online courses are the perfect way to expand your product offering and help your customers go deeper into the work that you do.
Online Learning As a New Income Stream
Is it possible you could be sitting on a new income stream within your business?
Adding online training programs into your business can benefit you and your customers. You can offer ways to use your products or solve their most pressing problem with step-by-step guidance.
Many business coaches and online service providers utilize online training to enhance the client experience and create a greater level of customer satisfaction. Product-based businesses can use online training courses to teach customers how to use the products beyond the basics, helping them get the most out of their investment.
Here are three reasons to seriously consider adding online courses.
1. Convenience and Availability
Online courses allow customers to learn on their own time and at their own pace. This opens up the ability for people all over the world to consume your content at any hour of the day or night.
Imagine the possibilities! Your clients will be able to…
- access your training on the go with their mobile device or laptop.
- learn when it is most convenient for their schedules.
- build their skills without paying for travel or expensive conferences.
- re-watch your training again and again as needed to obtain mastery.
According to Guru99.com, at least 60% of internet users have participated in some form of online learning. This is because they can comfortably learn when and where they choose. Plus, e-learning takes 40-60% less time than conventional learning.
2. Affordability
Online courses are generally more affordable to the consumer than one-on-one coaching or in-person classes.
Because you get to record it once and sell it over and over again, you are able to create pricing tiers to fit most budgets.
While that is definitely a benefit to your customers, it also creates customers for you who might otherwise pass on your services because of the cost.
Turn the core content of your high ticket, one-on-one coaching into a series of self-study courses that build on each other, and you have created a customer journey that keeps students coming back for more.
I have been coaching startup businesses for about five years. I found that providing pre-recorded videos that covered the core content created more depth in our one-on-one coaching time. I was able to coach my clients through their challenges and questions during the coaching process instead of teaching content. This creates greater outcomes in a shorter time frame.
With simple course hosting platforms like Teachable, Udemy, and WordPress plugins like LearnDash, you can get started for next to no upfront investment, which keeps your expenses low.
More robust e-learning platforms such as Kajabi or Kartra provide a stellar online learning experience for your customers and create repeat business as your course offering grows. While more expensive, they also offer more features that may eliminate other software you are paying for, like calendar management, etc.
3. Increased Income Potential
Adding online courses as a separate product or as a complement to your one-on-one services creates a competitive advantage for your business and positions you as the go-to expert.
By 2026, the online learning market is projected to reach $50 billion.
Expand your reach to a wider audience of potential customers with your knowledge and expertise while providing a flexible and wallet-friendly way to work with you.
You can increase the perceived value of your core products and services by adding short, topic-specific mini-courses as bonuses to your core offer or pre-requisites to your high-ticket coaching.
Marketing for online courses can be more passive in nature, as an automated funnel moves your prospect to the choice to purchase.
Get Started Building Your First Course
Now is your time to turn your expertise and knowledge into an online course to help your clients and your customers get the results they want.
Check out ASBTDC’s upcoming live webinar, Building Your Online Training Course, to learn how.
Stephanie Ferrara is an ASBTDC business specialist. Learn more about our Specialty Services.